May 16, (THEWILL) – The Abuja Division of the Court of Appeal has stayed the enforcement of an order made by Justice Inyang Ekwo of the Federal High Court, Abuja, suspending the management of Seplat Energy Plc from office.
The stayed execution order of the appellate court followed an ex parte application filed by Seplat Energy seeking to suspend the ruling of Justice Inyang Ekwo made in Suit No. FHC/ABJ/CS/626/2023, pending the determination of the Motion on Notice for Interlocutory Injunction filed by some aggrieved shareholders of the company.
THEWILL earlier reported that Justice Ekwo had, on Thursday, granted ex parte Interim Orders restraining nine of the company’s key officers from acting in their respective capacities until the hearing and determination of the motion on notice filed by its shareholders.
The affected members include Thompson Brown, Basil Omiyi (Chairman of the Board of Directors), Emma Fitzgerald, Dr. Charles Okeahialam, Prof. Fabian Ajogwu, Rabiu Bello, Mrs Bashirat Odenewu (independent non-executive directors).
Others are Mrs Edith Onwuchekwa (Company Secretary) and Samuel Ezeugwuorie (Chief Operating Officer)
THEWILL further reported that Seplat Energy had, on Friday, May 12, filed an appeal through its lawyers, Damian Dodo (SAN), Bode Olanipekun (SAN) and Audu Anuga (SAN), who urged the appellate court to suspend the interim ex parte orders.
The appellant, in its further Affidavit in support of the motion to stay execution of the orders deposed to by Adoga Moses, a Litigation Clerk, in the employment of Wole Olanipekun & Co, stated that out of 588,444,561 issued shares of the appellant/applicant, the plaintiffs at the lower court have cumulative shares of 131 units.
He noted that the plaintiff first has 100 units of shares whilst the second and third plaintiffs have 31 and 30 units respectively.
According to the deponent, “the cumulative percentage shareholding of the plaintiffs, who have obtained disruptive orders against the applicant, amounts to 0.00002736 per cent.
“The action of the plaintiffs and the orders granted by the lower court have the implication of diminishing the share value of the applicant, who has dual listings on the Nigerian and London Stock exchanges as well as cause panic in the capital market and reduce investor’s confidence. Even before the orders of the lower court were served, same had been given wide publicity across various news outlets.
“The applicant is at the risk of irreparable damage to its brand, business, investor equity, contractual and statutory obligations if the orders sought are not granted.
“It is in the interest of justice to grant this application and the balance of convenience tilts in favour of the applicant.”
Ruling on the application, a three-member panel of Justices comprising Muhammad Mustapha (Presided), J. G. Abundaga, and D. Z. Senchi, suspended the enforcement of the ex parte orders granted by Justice Ekwo pending the hearing and determination of the motion on notice dated 12th May, 2023, or pending further directives of the court.
The court consequently adjourned the matter to May 30, 2023, for hearing of the Motion on Notice.
